January 4—A new investment firm has entered the market of advising Ugandans how to manage and make their money grow.
XENO Technologies was founded by Aeko Ongodia who is also the CEO. He said at the launch during mid-week that Ugandans’ savings rate ranks amongst the lowest in the world mainly due to being uninformed about the available opportunities.
“One of the challenges that the investment sector in Uganda is facing is because Ugandans lack professional financial advice about investment and saving opportunities. We are here to offer that kind of advice to Ugandans as well as offer management skills and opportunities for all Ugandans, the big and small earners,” Ongodia told invited guests in Kampala.
Regulated by the Uganda Capital Authority (CMA) Xeno Technologies offers diverse financial advice and opportunities for individuals and companies that are looking to invest for specific financial goals like retirement, wealth, education, home ownership, emergencies and income growth.
According to Ongodia, XENO Technologies also grants a diversified investment portfolio in money markets, bond funds, domestic equity funds and regional equity funds. This allows for their clients to make informed choices about their investment decisions considering their financial situation, investment experience and attitude towards risk.
“With this product, contrary to insurance companies, Ugandans will be able to choose what they want to invest in, for how long and at how much and can decide when to withdraw their money. Our job will be to advice them abs also manage their investment so that they hit their financial targets through use of technology. The client is also able to monitor their savings growth on their phone any time of the day” Ongodia said.
UGX400,000 is required to open up an investment account with XENO, after which one may choose to make monthly contributions or make a one-time investment.